Financial Mismatch, Financing Constraints And Non-efficiency Investment Of Cultural Creative Enterprises

After decades of rapid development under the market economy system,China has established a large and complete industrial system,which has brought huge economic output to our country at the same time.Western capital relies on the control of high value-added industries to absorb the profits created by global labor,while China participates in international competition mainly through demographic dividends and resource endowments.It is obvious that this road is not sustainable.Today,when the cost of human resources is increasing and environmental pollution is becoming more serious,focusing on the development of specialized services with high added value and high competitiveness has become an improvement in our country.Economic structure,enhance the top priority of long-term competitiveness.Culture is the heritage of history and the precipitation of the essence of a nation.Our culture has given our country a unique advantage in developing cultural and creative industries.In recent years,The development of cultural and creative industry has been paid more and more attention by national and regional governments.However,many studies show that there are serious problems of inefficient investment in the existing cultural and creative enterprises in China.To a large extent,this restricts the long-term development of our cultural and creative industries.It is of great significance to study the root causes of inefficient investment of cultural and creative enterprises to help cultural and creative industries break free from this shackle and return to the right track of development.The paper studies the influence of financial mismatch on the inefficiency investment of cultural and creative enterprises in China’s capital market,and explores the specific ways to realize this effect.In view of the above work objectives,this paper selects the relevant financial data of the listed companies of Chinese cultural and creative enterprises as a sample,and designs an innovative research system by logical inference.First,the evaluation model of Richardson is used for reference.The investment efficiency of Chinese cultural and creative enterprises is analyzed.Secondly,The cash-cash flow sensitivity test model and the cash-flow sensitivity test model of investment expenditure are used to test the financing constraints faced by cultural and creative enterprises in China.And the role of financial mismatches in the process that led to the situation;finally,through intermediation variables The test model examines the intermediary effect of financing constraints in the path of financial mismatch investment efficiency.The research results show that the cultural and creative enterprises in China generally have inefficient investment and serious external financing constraints.Financial mismatch can not only aggravate the problem of financial constraint,but also promote the occurrence of inefficient investment.Financing constraint plays an intermediary role in the path of financial mismatch to non-efficient investment,and its intermediary effect is partly significant.According to this conclusion,this paper puts forward corresponding suggestions for capital market supervision,government industrial policy and cultural and creative enterprises themselves,thus providing some guidance and reference for alleviating the problem of inefficient investment of cultural creative enterprises.